THE JOURNAL & TOPICS NEWSPAPERS | WEDNESDAY, APRIL 16, 2008
Gaming Board Ready To Bid 10th Casino
By TODD WESSELL
Journal & Topics Editor
Members of the Illinois Gaming Board, intent on moving forward as quickly as possible on the selection of a new casino operator, are now in the process of reviewing companies that are bidding to assist with the process.
The Gaming Board staff is currently reviewing a number of investment banking companies vying for the opportunity to play a leading role in the casino bidding process. Once a banker is hired, it will set up a program to solicit competitive bids from casino companies to operate Illinois' 10th casino license.
Several months ago, the Gaming Board authorized Request for Proposals (RFP) from interested investment bankers. The deadline to respond to the call for RFPs was Mar. 1. After a company is chosen, its representatives will likely meet with the five-member Gaming Board to begin the process of obtaining bids. That process could begin within four to six months, according to one state legislator.
For the last several years, state officials have been grappling with awarding a 10th casino license, once held by Emerald Casino. Casino proponents say that the state is losing hundreds of millions of dollars of much-needed revenue annually because of delays. The Illinois Attorney General's office has been aggressive in its belief that the 10th license should be free of criminal influence.
Several towns in the Chicagoland area are hoping to serve as the host community of the 10th casino including Des Plaines, Rosemont, Waukegan and possibly Chicago. Des Plaines and its casino "partner", Chicago billionaire Neil Bluhm, have proposed operating a casino on property along River Road north of Devon Avenue. Rosemont Mayor Brad Stephens has proposed selling the state the Rosemont Theater where a casino could operate.
Estimates are that a casino in Des Plaines, Rosemont or Chicago could generate as much as $600 million a year in adjusted gross revenue resulting in millions of dollars in revenue for the state and host community.